October 02, 2022
The Qatar Investment Authority has agreed to invest $2.43 billion in Germany’s largest power producer RWE AG, to help it buy US firm Con Edison Inc’s Clean Energy Businesses subsidiary for $6.8 billion. According to a Reuters report, RWE will issue a mandatory convertible bond to a QIA subsidiary, through which Qatar’s sovereign wealth fund will become a 9.1 percent shareholder in RWE. By acquiring Con Edison’s Clean Energy Businesses, RWE is expected to become one of the major players in the US renewable energy sector. The transaction will nearly double RWE’s US renewables portfolio to more than 7 gigawatts and grow its regional project pipeline by 7 GW to more than 24 GW.
Read the original article in Arab News: Qatar Investment Authority invests $2.43 billion to accelerate RWE’s green energy strategy